Emphasizing the need for fiscal caution during these uncertain economic times, Comptroller Peter Franchot has released the final closeout numbers for Fiscal Year 2017. General fund revenues totaled nearly $16.7 billion in the fiscal year, 0.5% or $90.3 million above estimates. However, the uncertain fiscal times and moderate wage growth translated into conservative consumer spending and sluggish growth in sales and use taxes.
After final transfers and revenues were counted, the State of Maryland closed the fiscal year with an unassigned General Fund balance of $256.3 million. By law, all but $10 million of this money is required to be appropriated in the Fiscal Year 2019 budget with $50 million going to the State Pension System and $196.3 million going into the Rainy Day Fund.
“While I am obviously pleased that the State has managed to outperform our modest forecasts, it is important that we put these numbers into their proper context,” said Comptroller Franchot. “We are living in very uncertain economic times and the dysfunction in Washington has the potential to impact Maryland more than most states. I urge the Governor and the General Assembly to steer a prudent course and save this money rather than putting it back into our state’s spending pattern.”
